Annual report pursuant to Section 13 and 15(d)

Short-term debt

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Short-term debt
 12 Months Ended
Dec. 30, 2023
Debt Disclosure [Abstract]  
Short-term debt
Note 13: Short-term debt
Long-term debt and other financing obligations consist of the following (in $000’s):
December 30, 2023 December 31, 2022
AFCO Finance $ —  $ 274 
Total short-term debt $ —  $ 274 
AFCO Finance
The Company enters into a financing agreement with AFCO Credit Corporation (“AFCO”) purchased through Marsh Insurance on an annual basis to fund the annual premiums on insurance policies due July 1 of each year. These policies relate to workers’ compensation and various liability policies including, but not limited to, General, Auto, Umbrella, Property, and Directors’ and Officers’ insurance. The total amount of the premiums financed in July 2022 was approximately $516,000 with an interest rate ranging from approximately 6.0% over the period. An initial down payment of approximately $129,000 was made on July 21, 2022 with additional monthly payments of approximately $59,000, escalating to approximately $69,000 over the term, being made beginning August 1, 2022 and ending on April 1, 2023.
The outstanding principal due AFCO at December 31, 2022 was approximately $274,000. No such financing agreement was entered into by the Company during fiscal 2023.